Kotak Mahindra Bank Business Loan – How to Apply? Eligibility & Benefits

Kotak Mahindra Bank Business Loan – How to Apply? Eligibility & Benefits

Need Kotak Mahindra Bank Business Loan? Kotak offers a wide range of safe, customized financial loan solutions/services for your business needs to help you achieve more successful milestones every day.

Do you think that you will soon plan for a business loan? Browse the eligibility criteria for business loans listed below to ensure that your company loan is first approved:

  • Customer should run the business for 3 years with a minimum annual turnover of Rs.40 Lakhs
  • Applicant’s business should have a profitable growth for a minimum of 1 year
  • Individuals who are applying for a loan should be a Sole Proprietor/Trust/Pvt. Ltd/Partnership firm
  • The applicant should have a minimum age of 25 years while availing loan and at the time of loan maturity, they should be no older than 65 years

business-loanKotak Business Loan Details – Features & Benefits

Kotak Bank offers business loans to self-employed and businessmen to financially meet the expansion or current fund requirements of their business. Kotak offers helpful features and benefits on business loan:

  • Business Loans are available to loan applicants from Rs. 3 lakhs to Rs. 75 Lakhs
  • Less documentation and fast loan approval process
  • Kotak allows easy repayment options to its customers
  • Kotak bank provides affordable banking services at your doorstep
  • Interest Rate starts from 12.99% to 14.50%
  • Kotak charges processing fees of 0.99% to 2% on the loan amount
  • The bank provides the loan tenure of 1 to 5 years
  • To apply for Kotak business loan, there is no need of Guarantor
  • Kotak offers Business Loan for Self Employed people with a processing fee of up to 2% for a period of 24 to 60 months
  • The bank charges 5% upon early foreclosure of the Business loan at anytime
  • Kotak Bank operates over 606 branches in India for customers to avail banking service easily

Read More – Kotak Mahindra Mobile Banking – How to Change Mobile Number?

Eligibility Criteria to Get Business Loan Approval:

  • To avail the business loan, applicants should have the age of 25 to 65 years
  • Applicants who have a business should have a minimum turnover of ₹ 50,00,000
  • Customer availing business loan need to show their business existence of up to 36 months
  • Applicants need to submit ITR for the recent 24 months
  • Individuals should have a CIBIL score of 750 and above

Mandatory Documents while Applying for Kotak Mahindra Bank Business Loan

  • PAN Card/Certified Driving License/Aadhaar card/Passport/Voter’s ID for Identity Proof
  • Aadhaar Card/Passport/Driving License/Election Card/Utility Bills (Water and Electricity bills)/Recent Bank Statement/Latest Entries made in Bank Account Passbook for Address Proof
  • Copy of Business Agreement/Electricity Bill/Share Maintenance Certificate/Municipal tax receipt for ownership proof
  • GST registrations/Service TAX/VAT Tax Registrations/Shop Agreement/Establishment certificate for Business Service Proof
  • GST Registration certificate/MOA/Partner Ship Agreement for Company Constitution
  • Duly filled and signed the business loan application form
  • 2 Passport size photographs
  • Processing Fee Cheque
  • Latest 3 Months Bank Statement for salaried people and latest 6 months Bank statement for Self Employed Individuals
  • Recent 3 Months salary slips for Salaried employees
  • Income proof documents for self-employed applicants

Still, have doubts? Find out more details of Kotak Mahindra Loans in the nearby Kotak branch.

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